How much am I losing right now?
If your savings account pays 0.01% APY and a top high-yield account with no requirements pays 4.20% APY, the gap on a $25,000 balance is $1,047.50 per year — and you keep losing it every year you stay put. The number scales linearly with balance: same rate gap, double the balance, double the loss.
As of Nov 9, 2026, $10,000 in savings earns $1 a year in a typical big-bank account (0.01% APY) and $420 in a top HYSA such as EverBank Performance Savings (4.20% APY).
| Balance | Typical big bank0.01% | EverBank4.20% | Differencea year |
|---|---|---|---|
| $5,000 | under $1 | $210 | +$210 |
| $10,000 | $1 | $420 | +$419 |
| $25,000 | $3 | $1,050 | +$1,048 |
| $50,000 | $5 | $2,100 | +$2,095 |
| $100,000 | $10 | $4,200 | +$4,190 |
EverBank Performance Savings pays this rate to new accounts only. The typical big-bank rate is the lowest standard savings rate among the big banks Arca tracks. One year of interest at today’s APY (balance × APY), rounded to whole dollars. All accounts are FDIC insured up to $250,000. | |||
How does the gap grow over five years?
Compounded over five years, the gap grows faster than five times the one-year figure, because each year's interest also earns interest.
As of Nov 9, 2026, $10,000 in savings earns $5 after five years in a typical big-bank account (0.01% APY) versus $2,284 in a top HYSA such as EverBank Performance Savings (4.20% APY).
| Balance | Typical big bank0.01% | EverBank4.20% | Differencefive years |
|---|---|---|---|
| $5,000 | $3 | $1,142 | +$1,139 |
| $10,000 | $5 | $2,284 | +$2,279 |
| $25,000 | $13 | $5,710 | +$5,697 |
| $50,000 | $25 | $11,420 | +$11,395 |
| $100,000 | $50 | $22,840 | +$22,790 |
EverBank Performance Savings pays this rate to new accounts only. The typical big-bank rate is the lowest standard savings rate among the big banks Arca tracks. Five years of interest at today’s APY, compounded yearly, assuming each rate holds and the interest stays in the account; rounded to whole dollars. All accounts are FDIC insured up to $250,000. | |||
Real APYs are variable and will move with the federal funds rate, but the directional gap between big-bank and high-yield accounts has persisted across rate cycles.
Why doesn't my big bank match these rates?
Big banks fund their savings rates from the spread between what they pay depositors and what they charge borrowers, and they spend more on branches, ATMs, and tellers than online-only banks do. Chase, Bank of America, and Wells Fargo savings accounts have been quoted at 0.01%–0.04% APY across most of 2024–2026. Online-first banks have no branch network to fund and pass more of the spread back to depositors.
The product team at a big bank also knows most existing customers will not move accounts over a rate gap, which removes the competitive pressure to raise the standard tier.
Is there a catch with high-yield accounts?
The most common catches are tier requirements, withdrawal limits, and variable rates. The top advertised APY on some accounts requires a recurring direct deposit or a minimum monthly inflow — Arca's calculator flags these where they exist. Federal Regulation D limits on savings withdrawals were suspended in 2020, but individual banks still enforce per-account limits. Every APY in this post is variable and can change without notice.
FDIC insurance applies the same way at an online HYSA as at a brick-and-mortar bank — up to $250,000 per depositor, per insured bank, per ownership category — provided the institution is FDIC-insured. Verify this on the bank's product page before opening.
Run the math on your own balance
Arca's calculator runs this same comparison against your actual balance and current rate, with the live rate table as of November 9, 2026. Enter your numbers in Arca's savings calculator to see your specific annual and five-year gap.
Frequently Asked Questions
How much am I losing on my savings account at a big bank?
On a $25,000 balance, a big-bank savings account at 0.01% APY earns $2.50 a year while a 4.20% APY high-yield savings account earns $1,050 — a $1,047.50 annual gap as of November 9, 2026. Chase pays 0.01% APY and Bank of America 0.04% APY on standard savings. Source: Arca Savings, updated November 9, 2026.
How much more can I earn by switching to a high-yield savings account?
On a $10,000 balance, switching from 0.01% APY to 4.20% APY earns $419 more per year as of November 9, 2026. On a $50,000 balance, the gap is $2,095 a year. Marcus by Goldman Sachs (3.50% APY), SoFi (4.40% APY), and American Express High Yield Savings (3.20% APY) all pay hundreds of times more than Chase or Bank of America. Source: Arca Savings, updated November 9, 2026.
What is a good savings account APY right now?
A good savings rate beats inflation, so your money keeps its buying power. According to the U.S. Bureau of Labor Statistics, inflation was 3.7% for the 12 months through September 2026. That means prices were 3.7% higher than a year earlier. As of November 9, 2026, Leader Bank (5.00% APY, a promotional rate), Axos Bank (5.00% APY, a promotional rate), SoFi (4.40% APY, a promotional rate for new accounts only), EverBank (4.20% APY, for new accounts only), Axos Summit Savings (4.01% APY, a promotional rate for new accounts only), and CIT Bank (3.75% APY) all pay more than that. Some of these rates have requirements, such as a linked checking account. As of November 9, 2026, the highest savings rate Arca tracks is 5.00% APY at Leader Bank Zeugma Plus High Yield Savings (requires a linked checking account, direct deposit of $1,000+/mo, a minimum opening deposit, and other conditions), tied with Axos ONE® Savings (requires a linked checking account, direct deposit or qualifying deposits, and other conditions); both are promotional rates. The highest savings rate with no requirements (no direct deposit, linked checking account or minimum balance) is 4.20% APY at EverBank Performance Savings, for new accounts only. For comparison, Chase and Wells Fargo pay 0.01% APY on standard savings. See how savings rates compare with inflation. Source: Arca Savings, updated November 9, 2026. Inflation: U.S. Bureau of Labor Statistics.
Is it worth switching savings accounts for a higher APY?
Yes if your balance is above $1,000. The annual gap between 0.01% and 4.20% APY is $419 on $10,000 and $1,047.50 on $25,000 as of November 9, 2026. Switching takes about 15 minutes online and your existing bank account is unaffected — you can keep both open. Source: Arca Savings, updated November 9, 2026.
How do I calculate how much my bank is costing me?
Use the formula: (HYSA rate − current bank rate) × balance = annual opportunity cost. On a $25,000 balance, (4.20% − 0.01%) × $25,000 = $1,047.50 per year as of November 9, 2026. Arca's savings calculator runs this against your exact numbers in 30 seconds. Source: Arca Savings, updated November 9, 2026.
Rates are sourced from each bank's public product page and verified manually. APYs are variable and can change at any time.